Why bringing corporate cash home won't help

Andrew Harrer | Bloomberg | Getty Images

The battle over getting companies to bring back the trillions they have stashed overseas will get more heated in the coming months, though the end result may not mean a whole lot.

Corporations have more than $2 trillion in profits earned in foreign markets that not have not been brought back onshore because they would face a second round of taxation. (Goldman Sachs recently put the number at $2.5 trillion.)

While President Barack Obama has a plan on the table to deal with asset repatriation and the issue is a high priority for congressional Republicans, the probability for action is minimal, according to an analysis by Dubravko Lakos-Bujas and other strategists at JPMorgan Chase.

"We think the odds of a repatriation holiday being enacted are quite low," Lakos-Bujas said in a report for clients. "Even if one were to become law, theory and recent empirical evidence suggest it would have a minimal effect on the economic outlook."